The Federal Government has appointed five commercial banks for the disbursement of the N278.5 billion Cabotage Vessel Financing Find, 17 years after it commenced collection of the funds.
The Minister of Transportation, Mauzu Sambo, disclosed this over the weekend at an event for seafarers.
He named the banks as Union Bank, Zenith Bank, Polaris Bank, United Bank for Africa and Jaiz Bank.
Sambo, who disclosing this at the flag-off ceremony of Batch B of the third phase of the Nigerian Seafarers Development Programme, said President Muhammadu Buhari has directed that the fund be disbursed immediately.
He said the banks will serve as Primary Lending Institutions for the disbursement of the funds.
He said: “The approval was forwarded to my office late Friday (December 9, 2022), but I thought it wise to use this opportunity for this ceremony where some of the primary beneficiaries are in attendance.
“On Monday, the DG NIMASA is going to get a formal communication from me conveying the approval from Mr. President and I expect him to take immediate steps.
“When I say immediate, I mean immediate.
“There is no question of one or two weeks.
“Once he receives the communication, he knows what to do next.
“We have pledged to the President that they will continue to allow the funds to go into the Treasury Single Account.
“However, whenever the money hits the threshold of $50 million, the CBN (Central Bank of Nigeria), upon recommendation from NIMASA and the Federal Ministry of Transportation, would be expected to transfer the funds to the Primary Lending Institutions.”
